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Monetary policy and credit conditions: new evidence

  • Steven Ongena

    (University of Oregon)

A number of recent papers seek to distinguish between "money" and "credit" theories of the transmission of monetary disturbances using asymmetric information arguments. In credit models money causes output not only through the real interest rate but also through the availability of bank credit. The research described in this paper extends the work of Kashyap, Stein and Wilcox (1993) who construct a model that incorporates a relationship benefit to bank borrowing and then test the implications of the model. In this paper I extend their work by taking into account the households' demand for commercial paper, the T- bill market and the default risk of the banking sector as a determinant of the relationship benefit.

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Paper provided by EconWPA in its series Macroeconomics with number 9503001.

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Length: 54 pages
Date of creation: 02 Mar 1995
Date of revision:
Handle: RePEc:wpa:wuwpma:9503001
Note: 54 pages, Postscript file + 9 figures, Postcript file.
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